It has to do with the terminology the mint uses. They call proof coins proofs. They non-proof coins that are made for sets or to be sold to collectors "uncirculated" They call coins made for everyday use "circulated coins" (past tense for some reason) Non-proof ASE made to be sold to the distributors are called "bullion" coins. SO the difference between the "uncirculated" ASE, and the "bullion" ASE is the W mintmark on the "uncirculated" ones.

Quote:What, if any difference, is there between the American Silver Eagle bullion coin and an uncirculated coin?

West Point mintmark, price, and availability. Silver bullion Eagles have been minted since 1986 and carry no mintmark. They have been minted at various locations and are currently minted at West Point sans mintmark. The uncirculated(burnished finish) Eagle is a collectors version of the Silver Eagle that was minted 2006-08, it had a price point between that of the proof and bullion versions. It has not been minted since 2008 due to planchet shortages. The Mint may very well have killed this program but so far, refuses to acknowledge it.

Since the beginning of the Eagle program, bullion versions have only been available through the Mint's Authorized Purchaser network who then make the coins available through the dealer chain. There are only a few APs because they have to enter into multi-million dollar contracts with the Mint to purchase Eagles. The bullion version typically tracks silver spot price plus a couple dollars with a few exceptions(1996 is the key date with 1986 and a couple others commanding modest premiums due to lower than average mintage). The bullion program has been going nuts the past couple years with almost 30 million minted last year and over 32 million this year. The uncirculated Eagles were available for purchase directly from the Mint.

The W mint mark coins are minted on different planchets than the bullion coins. They are a step above the panchets used for bullion and, if you will, two steps below the planchets used for proofs. Both uncirculated and proof coins use higher stamping forces than the bullion coins and proofs are struck twice. Far fewer coins are minted from each die pair for both uncirculated and proof coins as compared to bullion coins. Only the bullion coins are bullion coins. Just because a coin is minted in a precious metal does not make it bullion. The uncirculated and proof coins are both numismatic products that are specially minted, and individually handled and packaged for sale to collectors. Yes, they are basically the same design and composition as the bullion SAE but they cost more to make than the bullion coins can be bought for from dealers. They are never allowed to touch each other during production, unlike their bullion counterparts which are packed 20 to a tube, 25 tubes to a box for bulk sale.

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